Do price-earnings ratios explain investment decisions better than Tobin’sq? Evidence from German firm-level data

2016 ◽  
Vol 48 (34) ◽  
pp. 3264-3276 ◽  
Author(s):  
Filomena Pietrovito
Keyword(s):  
Investment Decisions ◽  
German Firm ◽  
Firm Level ◽  
Level Data ◽  
Firm Level Data ◽  
Better Than

Multinational Banks and IMF Conditionality

2021 ◽  
Author(s):  
Trung A Dang ◽  
Randall W Stone
Keyword(s):  
Political Economy ◽  
Investment Decisions ◽  
Location Decisions ◽  
Preferential Treatment ◽  
Firm Level ◽  
Financial Firms ◽  
Level Data ◽  
Firm Level Data ◽  
Imf Programs ◽  
Investment Location

Abstract We find firm-level evidence that US banks receive preferential treatment in countries under IMF conditionality. We rely on investment location decisions to infer firms’ expectations about future profits and find that US firms are approximately 53 percent more likely to acquire financial firms in countries under financial conditionality. IMF programs without financial conditionality and FDI in other sectors serve as placebo tests. Financial conditionality has weak effects on investment decisions by non-US firms, which implies a political-economy interpretation. Firm-level data indicate that the distinctive behavior of US firms is not due to advantages of scale or to a US-firm fixed effect, but to US influence in the IMF. Firms from other major IMF shareholders benefit as well, but the effects are much weaker. The effects are concentrated in the politically relevant firms that have local affiliates, which is consistent with the interpretation that firms lobby for preferential treatment.

Determinants and effects of foreign direct investment: evidence from German firm-level data

2005 ◽  
Vol 20 (41) ◽  
pp. 52-110 ◽  
Author(s):  
C. M. Buch ◽  
J. Kleinert ◽  
A. Lipponer ◽  
F. Toubal ◽  
R. Baldwin
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
German Firm ◽  
Firm Level ◽  
Level Data ◽  
Firm Level Data

scholarly journals Industry Conversion Tables for German Firm-Level Data

2020 ◽  
Vol 240 (5) ◽  
pp. 677-690
Author(s):  
Steffi Dierks ◽  
Alexander Schiersch ◽  
Jan Stede
Keyword(s):  
German Firm ◽  
Firm Level ◽  
Level Data ◽  
Firm Level Data ◽  
Conversion Tables

scholarly journals Credit Constraints and Investment in Mexico, an Empirical Test

2019 ◽  
Vol 14 (3) ◽  
pp. 415-432
Author(s):  
Leopoldo Gómez-Ramírez
Keyword(s):  
Credit Constraints ◽  
Empirical Test ◽  
Investment Decisions ◽  
Mexican Literature ◽  
Firm Level ◽  
Policy Makers ◽  
Level Data ◽  
Firm Level Data ◽  
Nationally Representative ◽  
General Thrust

Despite the vast overhaul the Mexican economy has gone through since the 1980s, the promised high and sustained economic growth has not materialized. Scholars and policy makers are unanimous in pointing to credit constraints as one of the key reasons for the disappointing growth performance. The link between financial restrictions and investment decisions, however, has not been solidly verified in the Mexican literature. This paper intends to start filling this lacuna. Using recent microeconomic, firm-level data which is reasonably nationally representative, it tests the hypothesis that credit constraints have reduced investment among Mexican firms. Consistent with the general thrust of the literature, it is found that indeed financial restrictions have reduced the investment carried out by Mexican firms. The result holds under different econometric estimations.

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